The plan, submitted by a Florida-based group called Falic, will close down operations of the label's couture, ready-to-wear, and retail operations entirely, allowing only about ten of the brand's 110 current employees to stay on. Essentially, this means the end of a 22-year-old fashion house so legendary for its playful extravagance among the fashion set that one of the over-the-top main characters on "Absolutely Fabulous" could simply have nothing but.

Lacroix will maintain its licensing pacts -- essentially so that the brand can complete standing orders for men's tailored clothing, wedding dresses, scarves, and the like -- which does leave hope that some as-yet-unnamed investor will swoop in and rescue the label, after the mysterious shiekh (in whom Lacroix apparently had full confidence) failed to submit his finance paperwork on time.